Frequently Asked Question
Quick Answer
Start by building your full monthly number — not just the mortgage payment, but taxes, insurance (including wind and potentially flood), HOA fees, and PMI if applicable. Then verify you have cash for the down payment, closing costs (typically 2–4% of the loan), and a reasonable reserve.
Start by building your full monthly number — not just the mortgage payment, but taxes, insurance (including wind and potentially flood), HOA fees, and PMI if applicable. Then verify you have cash for the down payment, closing costs (typically 2–4% of the loan), and a reasonable reserve. If those numbers work within your budget without strain, you're in solid financial territory.
This answer is part of a longer article by Pam Heinold:
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